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Villa America Company reported net income of $85,000. The partnership agree- ment provides for salaries of $25,000 to Kibra and $18,000 to Devrish. They divide
Villa America Company reported net income of $85,000. The partnership agree- ment provides for salaries of $25,000 to Kibra and $18,000 to Devrish. They divide the remainder 40% to Kibra and 60% to Devrish. Kibra asks your help to divide the net income between the partners and to prepare the closing entry.
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